News, Business
EQT-Backed Virtusa Targets $1 Billion India IPO
29 Apr, 2026
Virtusa, a global information technology services firm backed by EQT, is exploring an initial public offering in India that could raise at least $1 billion and value the company at $7 billion or more, according to sources familiar with the matter.
The IPO is expected to take shape following a roadshow planned for the second half of 2026, which will help determine the listing venue, valuation, deal size, and timing. The listing itself could take place later in 2026 or extend into 2027.
Major global banks including Citigroup, JPMorgan, and Morgan Stanley have been engaged to work on the proposed offering, with the possibility of additional advisors joining the process.
Founded in 1996 and headquartered in Massachusetts, Virtusa operates in 32 countries and employs around 30,000 people. The company has a significant presence in India, with IT delivery centres in Hyderabad, Chennai, Bengaluru, Mumbai, and Gurugram.
If completed, the IPO would mark one of the largest listings in India this year, with the country already raising approximately $2.75 billion from 64 listings so far, according to market data.
The potential listing could provide EQT with an exit from one of its key Asia technology investments, at a time when private equity firms are under increasing pressure to return capital to investors. EQT gained control of Virtusa in 2022 following its acquisition of Baring Private Equity Asia, which had taken the company private from Nasdaq in 2021.
EQT, which manages around 270 billion euros in assets, recently raised $15.6 billion for its latest Asia-focused private equity fund, the largest of its kind in the region.
Source: Reuters
Recommended For You
